Pro forma for station divestitures, Emmis' domestic radio net revenues for the third fiscal quarter were up 5%. On a reported basis, total radio net revenues were up 1% and total net revenues were down slightly.

Station operating income during the period was $13.8 million, compared to $10.0 million for the same quarter of the prior year. Diluted net income per common share from continuing operations was $0.02, compared to $1.26 for the same quarter of the prior year. The decline is due primarily to the gain on the sale of stations WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY) to Merlin Media coupled with related tax benefits recognized in the prior year.

Emmis has included supplemental pro forma net revenues, station operating expenses, and certain other financial data on its website, www.emmis.com under the "Investors" tab.

The following table reconciles reported results to pro forma results (dollars in thousands):

Three Months ended November 30,

%

Nine Months ended November 30,

%

2012

2011

Change

2012

2011

Change

Radio:

Reported net revenues

$ 37,238

$ 36,718

1%

$ 118,085

$ 126,292

-6%

Less: Net revenues from Merlinstations and WRKS (98.7FM)

(2,577)

(2,822)

(8,040)

(18,367)

Pro forma net revenues

$ 34,661

$ 33,896

2%

$ 110,045

$ 107,925

2%

Total Company:

Reported net revenues

$ 53,414

$ 53,568

0%

$ 161,318

$ 169,714

-5%

Less: Net revenues from Merlin stations and WRKS (98.7FM)

(2,577)

(2,822)

(8,040)

(18,367)

Pro forma net revenues

$ 50,837

$ 50,746

0%

$ 153,278

$ 151,347

1%

Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis' debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis' business or other discretionary uses.

Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Operating Income is the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States.

Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding depreciation, amortization and non-cash compensation. A reconciliation of station operating income to operating income is attached to this press release.

The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission's Regulation FD.

Emmis Communications – Great Media, Great People, Great Service®

About Emmis Communications Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 9th largest publicly traded radio portfolio in the United States based on total listeners. Emmis operates 19 FM and three AM radio stations in New York, Los Angeles, St. Louis, Austin, Indianapolis and Terre Haute, IN.

Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words "expect," "will" or "look" are intended to be, and are, by this Note, identified as "forward-looking statements," as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:

general economic and business conditions;

fluctuations in the demand for advertising and demand for different types of advertising media;

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